Sislioptik

Main Menu

  • Home
  • Market access
  • Shadow price
  • Registered bonds
  • Profit
  • Finance

Sislioptik

Header Banner

Sislioptik

  • Home
  • Market access
  • Shadow price
  • Registered bonds
  • Profit
  • Finance
Market access
Home›Market access›Senate bill bans Russian oil, increases access to US biofuels

Senate bill bans Russian oil, increases access to US biofuels

By Judy Willis
March 10, 2022
0
0

The senses. Joni Ernst, R-Iowa, and Amy Klobuchar, D-Minn., on March 9 introduced the Home Front Energy Independence Act, a bill that seeks to enshrine a ban on Russian oil into law and includes provisions to increase the use of ethanol, biodiesel and other biofuels.

The Home Front Energy Independence Act combines elements of several of the senators’ previous bills to support and encourage Iowa’s use of biofuels, including the 2021 Energy Infrastructure Expansion Act. biofuels and agricultural products market, the Fuel Consumers and Retailers Choice Act, the Low Carbon Biofuels Credit Act and the Tax Credit Extension Act for biodiesel from 2021. It would also introduce into law comprehensive restrictions on U.S. purchases of Russian oil until the president determines that Russia recognizes Ukraine’s sovereignty and territorial integrity.

Provisions included in the legislation include a tax credit for selling or blending E15, language extending the Reid Vapor Pressure Exemption (RVP) from 1 psi to E15, and changes to E15 labeling requirements . The bill would also extend tax incentives for biodiesel and renewable diesel until the end of 2025 and provide grants to expand infrastructure for higher biofuel blends.

“As gasoline prices hit record highs for Americans across the country, it’s never been clearer that energy security is national security,” Ernst said. “The ban on Russian oil was long overdue, but it’s high time for President Biden to follow through on his campaign promises to Iowa farmers and growers to support our state’s biofuel that is made in the USA, ready and available to meet our nation’s needs right away.

“This legislation will help hold Putin accountable for Russia’s unprovoked invasion of Ukraine while investing in affordable and readily available biofuels produced in the United States. It is time for Congress to act by passing this bill immediately,” Klobuchar said.

To date, Sens. Chuck Grassley, R-Iowa; Tammy Duckworth, D-Ill.; Tammy Baldwin, D-Wisc. ; Roger Marshall, R-Kan. ; and Deb Fischer, R-Neb., have signed on to co-sponsor the bill. Following its introduction on March 9, the bill was referred to the Senate Finance Committee.

Representatives of the biofuels industry speak out in support of the Home Front Energy Independence Act.

Growth Energy applauded the senators for their action. “Our thoughts are with the people of Ukraine and we stand in solidarity as they defend their independence and democracy,” said Emily Skor, CEO of Growth Energy. “Over the past few weeks, we have seen significant uncertainty in the market given the turmoil in the region, affecting commodities across the board – oil soared above $100 a barrel and oil prices gasoline reached $4 or more per gallon in some areas.

“The uncertainty of the situation in Ukraine highlights the need for more local biofuels to replace the oil we import from Russia, reducing our country’s dependence on foreign oil and improving our energy security. This bill by Senators Ernst, Grassley and Klobuchar, if passed, would alleviate the rising gas prices families pay at the pump. We urge the passage of this legislation to invest in a more energy independent nation by increasing the use of and access to higher biofuel blends today and in the years to come.

The US Ethanol Coalition commends the senators for taking action. “The only obstacles that stand between saving consumers huge amounts of money at the pump and replacing foreign oil with local E15 are political or artificial in nature, and the Biden administration and Congress have the ability to help us overcome these obstacles,” said Brian Jennings, CEO of AS. “We support this bipartisan legislation as a timely and powerful prescription for the concurrent wallet, energy security and climate challenges facing our nation.

“As gasoline prices set new records, ethanol is trading at a dollar per gallon discount to gasoline in the marketplace,” Jennings added. “We thank these senators for this important legislation and renew our call on the Biden administration to pursue all options available to it to ensure uninterrupted market access for E15. year-round for all parts of the country is the fastest way to alleviate pain at the pump and reduce greenhouse gas emissions from America’s transportation fleet.

A full copy of the bill can be downloaded from Ernst’s website.

Related posts:

  1. World Parking Entry Management Market 2021 Evaluation by Progress Drivers, Trade Newest Information 2028 – KSU
  2. Enormous demand for virtualized radio entry community market by 2021-2027 specializing in key gamers Alcatel-Lucent (Nokia), NEC, Altiostar, Wind River, Amdocs, Dell EMC, ASOCS, Dali Wi-fi – KSU
  3. Digital Prepare dinner-Alongside Brings British Beef to Singapore
  4. Fortunate escape for Australia after authorities detect traces of ASF and foot-and-mouth illness on illegally imported meals
Tagsmarket accessunited states

Categories

  • Finance
  • Market access
  • Profit
  • Registered bonds
  • Shadow price

Recent Posts

  • Maybank expected to post higher profit in Q3 amid reopening and higher rates – Earnings Overview
  • Take advantage of free trade…
  • Buy now, pay later with no credit check – Forbes Advisor Australia
  • European markets open at close, stock movements, news and data
  • The Commodity Associations Forum is committed to supporting agricultural development

Archives

  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • September 2019
  • July 2019
  • June 2019
  • Term and Conditions
  • Privacy Policy